On the 20th of June 2013, within the framework of the St. Petersburg International Economic Forum, a memorandum of cooperation was signed between the Leningrad Region Government and the Tellus Group jointly with Renaissance Construction. The partners reached a mutual understanding regarding implementation of an investment project of regional significance – the Kola Industrial Park in the Leningrad Region.
A company formed for the purposes of the project by Renaissance Construction (with a share of 80%), the Leningrad Region Chamber of Commerce and Industry (with a share of 10%) and Ankara Chamber of Industry (with a share of 10%) will carry out marketing activities to attract investments from Turkey.
The project is scheduled to begin this year and is to be completed within seven years. The initial investment is projected to amount to 70 million dollars, and an additional investment of 450 million dollars will be made throughout the project life cycle.
The industrial park is a complex of industrial buildings, warehouses, offices, parks, shops, hotels, and restaurants. The project will be implemented on an area of 123 hectares. The gross building area will amount to 650,000 sq m.